A new report by RealtyTrac shows nearly 180,000 foreclosures around the country in July, up 93% from the same month last year. There was one foreclosure for every 693 households during the month.
"California, Florida, Michigan, Ohio and Georgia accounted for more than half of the nation’s total foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac.
The firm reported that Detroit had a 70% increase in foreclosures from June to July, with one foreclosure filing for every 97 households. That's more than seven times the national average and highest among the 229 metro areas tracked in the RealtyTrac report.
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